Tranglo expands services across Africa

This expansion aims to support payouts and remittances in one of the world’s fastest-growing economic regions. Tranglo is set to assist Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia.

The importance of remittances in African countries

Remittances remain a vital source of external finance supporting households, small businesses and local economies across Africa. In 2023, remittances accounted for nearly 1.5 times the size of foreign direct investment (FDI). In many countries, these funds help address challenges such as food insecurity, drought, supply chain disruptions, floods and debt servicing difficulties.

Remittance flows to Sub-Saharan Africa reached USD 54 billion in 2023, with a projected increase of 1.5% in 2024, according to World Bank data. This region, which has been historically hindered by high remittance fees, is regarded with the highest remittance costs globally, averaging 7.9% per USD 200 sent.

Many African corridors present significantly high remittance costs, with Tanzania being the costliest African source country from which individuals send funds to another country in the region.

A closer look at Tranglo’s strategy

By expanding its payout network to these regions, Tranglo aims to bridge the gap in financial access, especially in areas with limited traditional banking infrastructure. Its network enables users to send and receive funds through mobile wallets, bank accounts and cash pickup locations, expanding financial access to underprivileged communities and unbanked citizens.

At launch, individuals from Ethiopia, Kenya, Liberia, Madagascar, Senegal, Zambia and Morocco can send and receive funds in their local currencies via e-wallets. In Mali, they can utilise bank transfers. The receipts are able to receive money almost instantly. 

Tranglo helps businesses and financial institutions pay through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services, unifying the end-to-end process with direct API access. Payments can be made to over 100 countries.